Concerns about Chinese demand seemingly undercut corn futures Wednesday night after Chinese officials rejected five recent shipments of U.S. corn contaminated with an unapproved GMO strain early Wednesday morning. This news did little to depress CBOT futures yesterday, but an overnight report from Chinese officials arguing that their future corn consumption will grow more slowly seemed to weigh upon Chicago prices. March corn dropped 4.25 cents to $4.3225/bushel in early Thursday trading, while May lost 4.25 to $4.4025.

Soybeans bumped up against major technical resistance on Thursday. January soybean futures slid 4.25 cents to $13.2525/bushel early Thursday morning, while January soyoil sagged 0.12 cents to 40.23 cents/pound, and January soymeal declined $1.0 to $429.3/ton.